⬡ SEC Filing Digest

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Issue #001 — NVIDIA 10-K (FY2025)

AI became a $130B business. Revenue, margins, China risk, competitive response.

Issue #002 — Apple 10-K (FY2024)

Services now 26% of revenue. iPhone headwinds, India manufacturing, AI positioning.

Issue #003 — Reddit S-1 IPO Filing

Unusual transparency in an IPO. User-ownership structure, data licensing, the monetization bet.

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